The chief executive of computer chip maker Cirrus Logic Inc. on Wednesday became the latest executive to resign over allegations of stock option manipulation.
David French, 50, quit after an internal investigation found he had backdated option grants, Austin, Texas-based Cirrus said.
Michael L. Hackworth, Cirrus' 66-year-old co-founder, was named acting CEO.
French's departure came five days after Cirrus announced plans to restate more than five years of results because of errors in accounting for grants.
French, CEO since 1999, "influenced the grant process with a view toward the stock price" and didn't "appreciate the significance" of manipulating the dates, Cirrus said. The company said it would record as much as $24 million in costs to correct the grants.
Cirrus, which makes chips for video and audio applications, is one of more than 200 firms that have disclosed federal or internal probes into whether executives misdated option grants to days when their stocks were depressed, inflating the options' value.